Waterlogging is a major limiting factor in global crop production and seriously endangers growth and yield improvement in low-lying, rainfed regions. Soybean is an important economic crop affected by waterlogging stress. The current study investigates the effects of waterlogging stress on the leaf physiology and yield of two soybean varieties (Kenfeng 14, waterlogging-tolerant and Kenfeng 16, waterlogging-sensitive) and the mitigation effect of uniconazole (S3307) in promoting growth and productivity under waterlogging conditions. The results showed that waterlogging stress increased antioxidant enzyme activity and decreased the contents of non-enzymatic antioxidants such as AsA and GSH. Furthermore, the content of MDA and H2O2 increased significantly, indicating oxidative stress and O2−· production rate also improved, and the increase in the waterlogging-sensitive variety Kenfeng 16 was greater than that of the waterlogging-tolerant variety Kenfeng 14. Spraying S3307, however, increased the activities of antioxidants such as SOD, POD, CAT, and APX. GR, MDHAR, and DHAR increased the content of non-enzymatic antioxidants, effectively inhibited the increase of MDA, H2O2 content, and O2−· production rate, and alleviated the loss of yield factors caused by waterlogging stress. The waterlogging-tolerant variety Kenfeng 14 recovered better than the waterlogging-sensitive variety Kenfeng 16. In summary, S3307 ameliorated the effects of waterlogging stress on the physiological characteristics of soybean leaves and improved yield as a result of improved antioxidant defense mechanisms that impeded lipid peroxidation. Thus, S3307 could decelerate the damages caused by waterlogging stress to some extent.